Marxism Lives
Paul Krugman vaguely implies that productivity is the cause of stagnant wage growth, in that robots are taking over former 'good' jobs. 20 years ago he railed against those kind of theories, but now he notes that for this theory:
Big bad ideas like socialism never die. The desire to expropriate the rich and make all businessmen kowtow to government really drives people like Krugman, and the class struggle paradigm, where the captains of industry are parasites and the proles are Job-like in their devotion and suffering, is very attractive to these people. A recent Gallup poll found 53% of Democrats had 'favorable' views on socialism, and Peter Schiff found many Democrats who favored a ban on corporate profits.
It has echoes of old-fashioned Marxism — which shouldn’t be a reason to ignore facts, but too often is.His insinuation is we are ignoring the rise of the robot elite because of anti-Marxist ideology. I'm an anti-Marxist ideologue because I think Marxism is wrong: it's based on false assumption about value (ignores the marginal revolution) and the omnipresence and importance of class war, and doesn't work empirically (socialism starting in the most productive states, the falling rate of profit, lower wages over time, an increase in the breadth of recessions).
Big bad ideas like socialism never die. The desire to expropriate the rich and make all businessmen kowtow to government really drives people like Krugman, and the class struggle paradigm, where the captains of industry are parasites and the proles are Job-like in their devotion and suffering, is very attractive to these people. A recent Gallup poll found 53% of Democrats had 'favorable' views on socialism, and Peter Schiff found many Democrats who favored a ban on corporate profits.
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